The phenomenal growth of Blinkit, the quick commerce arm of Eternal (formerly Zomato Ltd), has created significant ripples in the Indian stock market. As of July 23, 2025, Eternal’s CEO, Deepinder Goyal, has seen his net worth jump by a staggering ₹2,000 crore in just two trading sessions, largely driven by the strong performance of Eternal shares post their Q1 FY26 results.
Blinkit Overtakes Food Delivery in Net Order Value
Eternal’s Q1 FY26 results, while showing a dip in consolidated net profit to ₹25 crore (from ₹253 crore year-on-year), revealed a critical shift in the company’s business mix. Consolidated adjusted revenue surged by an impressive 67% year-on-year to ₹7,563 crore, primarily propelled by the rapid expansion of Blinkit. For the first time, Blinkit’s net order value (NOV) has surpassed that of food delivery, marking a pivotal milestone and validating Goyal’s strategic pivot towards quick commerce.
Eternal Shares Soar, Market Cap Crosses ₹3 Lakh Crore
Investor enthusiasm for Blinkit’s growth story has led to a significant rally in Eternal’s share price. The stock soared over 21% in just two days, hitting a fresh all-time high of ₹311.60 on the NSE. This surge has pushed Eternal’s market capitalization beyond ₹3 lakh crore, positioning it as more valuable than established giants like Wipro, Tata Motors, and Nestle. Deepinder Goyal’s 3.83% stake in the company has naturally seen its value escalate proportionally.
Brokerages Bullish on Eternal’s Future
Leading brokerages have responded positively to Eternal’s Q1 results and management’s bullish outlook on quick commerce. Jefferies has upgraded the stock to ‘Buy’ with a target of ₹400, acknowledging their previous underestimation of the quick commerce market. Goldman Sachs maintained its ‘Buy’ rating, raising its target price to ₹340, citing Blinkit’s strong 25% quarter-on-quarter Gross Order Value (GOV) growth and plans for 3,000 stores. CLSA, while maintaining an ‘Outperform’ rating, increased its target to ₹385, terming Blinkit’s rise a “seismic shift” in Eternal’s business model.
Impact on Associated Companies
The rally has also benefited associated companies. Info Edge, a key investor holding a 12.38% stake in Eternal, saw its shares gain over 3%, with the value of its holding now accounting for over a third of its total market cap. Even rival quick commerce player Swiggy experienced a 7% rally, indicating a broader positive sentiment across the sector